“The opportunity to really build a longer-term partnership with the Mubadala team was a core part of our thesis, both on the private equity side and in terms of additional transactions.”īlackRock’s and Mubadala’s senior teams have a relationship that spans years, according to Adib Mattar, head of private equity for Mubadala’s private equity fund. “We’re comfortable doing given that we thought it was attractive from a risk-adjusted perspective,” she said. Isaac added that BlackRock’s SLS fund tends to shoot for deals in the $100 million to $300 million range, making the $700 million commitment somewhat out of the ordinary. Mubadala then “collaboratively allocated” the remainder to a diverse group of investors, she said.Īccording to Isaac, who spoke with Institutional Investor by phone, the deal was a chance for BlackRock to “collaborate with a like-minded entrepreneurial team and structure a deal beneficial for everyone involved.” Through its $3 billion secondaries and liquidity solutions business, BlackRock has agreed to acquire a portfolio of assets from Mubadala’s first private equity fund and has made a commitment to the sovereign wealth manager’s third private equity fund.īlackRock and two other limited partners accounted for $700 million of the $1.2 billion deal, according to Veena Isaac, managing director for the secondaries unit. The Government of Abu Dhabi’s investment management subsidiary Mubadala Capital has formed a partnership with BlackRock, the world’s largest asset management firm, the two announced Wednesday.